InfraDefenceThe capital behind defence.
InfraDefence register · 2015 to 2026

Defence bonds

Bonds issued by defence primes and mid-tiers since 2015, with coupons, maturities and the banks that ran each book.

Randeep Bubbra | Lawyer | Making defence financeable

103Financings on file
US$159.3bnFunded volume (US$ eq.)
26Issuers and borrowers
US$11.0bnLargest financing
2015: US$15.2bn15152016: US$7.2bn1672017: US$21.1bn17212018: US$20.6bn18212019: US$5.4bn1952020: US$22.2bn20222021: US$7.5bn2182022: US$6.3bn2262023: US$21.0bn23212024: US$18.7bn24192025: US$8.1bn2582026: US$6.0bn266
Defence bonds: funded volume by year. US$bn equivalent at approximate annual average rates; contingent and unfunded programme commitments are excluded.

Largest financing

RTX (Raytheon Technologies) US$11,000m senior notes (7 tranches), 15 Aug 2018.

Banks and lenders named

BofA Securities (53), J.P. Morgan (51), Wells Fargo (51), SMBC Nikko (49), US Bancorp (46), Citigroup (40), Goldman Sachs (37), MUFG (36).

Counts are financings on file where the bank or lender is named. All lenders.

Financings

DateFinancingTypeAmount
23 Sep 2026Saab €300m 4.25% EMTN bond due 2033Bond€300m
20 Aug 2026Thales €1bn bond to finance the Exail acquisitionBond€1bn
30 Jul 2026Booz Allen Hamilton US$1,200m senior notes (2 tranches)BondUS$1.2bn
7 Jul 2026Babcock International £250m 5.125% bonds due 2031Bond£250m
28 May 2026Rheinmetall €500m senior bond due 2031Bond€500m
10 Mar 2026Moog US$500m 5.500% senior notes due 2034BondUS$500m
26 Feb 2026CACI International US$500m 6.375% senior notes due 2033BondUS$500m
20 Feb 2026Leidos US$1,400m senior notes (2 tranches)BondUS$1.4bn
29 Oct 2025Textron US$500m senior notes (1 tranche)BondUS$500m
22 Sep 2025Science Applications International US$500m 5.875% senior notes due 2033BondUS$500m
9 Sep 2025Saab SEK 2bn MTN issue (September 2025)BondSEK 2bn
24 Jul 2025Lockheed Martin US$2,000m senior notes (3 tranches)BondUS$2bn
28 May 2025Northrop Grumman US$1,000m senior notes (2 tranches)BondUS$1bn
21 May 2025CACI International US$1,000m 6.375% senior notesBondUS$1bn
30 Apr 2025General Dynamics US$750m 4.950% notes due 2035BondUS$750m
13 Mar 2025Booz Allen Hamilton US$650m 5.950% senior notes due 2035BondUS$650m
18 Feb 2025Leidos US$1,000m senior notes (2 tranches)BondUS$1bn
11 Feb 2025Textron US$500m senior notes (1 tranche)BondUS$500m
5 Dec 2024Lockheed Martin US$1,000m senior notes (2 tranches)BondUS$1bn
14 Nov 2024Huntington Ingalls Industries US$1,000m senior notes (2 tranches)BondUS$1bn
31 Jul 2024L3Harris Technologies US$6,684m senior notes (8 tranches)BondUS$6.68bn
13 Mar 2024L3Harris Technologies US$750m senior notes (1 tranche)BondUS$750m
Mar 2024BAE Systems US$4.8bn notes refinancing the Ball Aerospace acquisitionBondUS$4.8bn
31 Jan 2024Northrop Grumman US$2,500m senior notes (3 tranches)BondUS$2.5bn
26 Jan 2024Lockheed Martin US$2,000m senior notes (3 tranches)BondUS$2bn
8 Nov 2023RTX (Raytheon Technologies) US$6,000m senior notes (5 tranches)BondUS$6bn
8 Nov 2023Textron US$350m senior notes (1 tranche)BondUS$350m
Nov 2023Saab SEK 1.25bn MTN issue due 2028BondSEK 1.25bn
31 Oct 2023BGK US$1bn 6.25% notes due 2028 for the Armed Forces Support FundBondUS$1bn
Oct 2023Thales €1.2bn bonds due 2028 and 2031Bond€1.2bn
3 Aug 2023Booz Allen Hamilton US$650m 5.950% senior notes due 2033BondUS$650m
31 Jul 2023L3Harris Technologies US$3,250m senior notes (3 tranches)BondUS$3.25bn
Jun 2023Thales €500m 3.625% bond due 2029Bond€500m
24 May 2023Lockheed Martin US$2,000m senior notes (3 tranches)BondUS$2bn
27 Feb 2023RTX (Raytheon Technologies) US$3,000m senior notes (3 tranches)BondUS$3bn
17 Feb 2023Leidos US$750m 5.750% notes due 2033BondUS$750m
7 Feb 2023Northrop Grumman US$2,000m senior notes (2 tranches)BondUS$2bn
20 Oct 2022Lockheed Martin US$4,000m senior notes (5 tranches)BondUS$4bn
22 Apr 2022Lockheed Martin US$2,300m senior notes (3 tranches)BondUS$2.3bn
3 Nov 2021RTX (Raytheon Technologies) US$2,100m senior notes (2 tranches)BondUS$2.1bn
10 Aug 2021Huntington Ingalls Industries US$1,000m senior notes (2 tranches)BondUS$1bn
6 Aug 2021RTX (Raytheon Technologies) US$2,000m senior notes (2 tranches)BondUS$2bn
7 Jun 2021Booz Allen Hamilton US$500m 4.000% senior notes due 2029BondUS$500m
5 May 2021General Dynamics US$1,500m senior notes (3 tranches)BondUS$1.5bn
29 Mar 2021BWX Technologies US$400m 4.125% senior notes due 2029BondUS$400m
19 Nov 2020Thales €500m 0% bond due 2026Bond€500m
13 Nov 2020L3Harris Technologies US$650m 1.800% notes due 2031BondUS$650m
9 Oct 2020Leidos US$1,000m 2.300% notes due 2031BondUS$1bn
16 Sep 2020KBR US$250m 4.750% senior notes due 2028BondUS$250m
9 Sep 2020BAE Systems US$2bn notes (1.900% 2031 and 3.000% 2050)BondUS$2bn
12 Aug 2020Booz Allen Hamilton US$700m 3.875% senior notes due 2028BondUS$700m
4 Aug 2020Textron US$500m senior notes (1 tranche)BondUS$500m
1 Jul 2020Leonardo €500m 2.375% Eurobond due 2026Bond€500m
9 Jun 2020BWX Technologies US$400m 4.125% senior notes due 2028BondUS$400m
18 May 2020Lockheed Martin US$1,150m senior notes (2 tranches)BondUS$1.15bn
18 May 2020RTX (Raytheon Technologies) US$2,000m senior notes (2 tranches)BondUS$2bn
12 May 2020Leidos US$1,750m senior notes (3 tranches)BondUS$1.75bn
7 May 2020Thales €700m 1% bond due 2028Bond€700m
8 Apr 2020BAE Systems US$1.3bn 3.400% notes due 2030BondUS$1.3bn
27 Mar 2020Huntington Ingalls Industries US$1,000m senior notes (2 tranches)BondUS$1bn
25 Mar 2020General Dynamics US$4,000m senior notes (5 tranches)BondUS$4bn
23 Mar 2020Northrop Grumman US$2,250m senior notes (3 tranches)BondUS$2.25bn
11 Mar 2020Textron US$650m 3.0% notes due 2030BondUS$650m
6 Mar 2020L3Harris Technologies US$250m floating rate notes due 2023BondUS$250m
4 Mar 2020Science Applications International US$400m 4.875% senior notes due 2028BondUS$400m
6 Dec 2019Moog US$400m 5.25% senior notes due 2027BondUS$400m
13 Nov 2019L3Harris US$400m 2.900% notes due 2029BondUS$400m
13 Nov 2019TransDigm US$2.65bn 5.50% senior subordinated notes due 2027BondUS$2.65bn
23 Sep 2019Triumph Group US$525m 6.250% senior secured notes due 2024BondUS$525m
21 May 2019Thales €500m 0% bond due 2022Bond€500m
1 May 2019Textron US$300m 3.900% notes due 2029BondUS$300m
13 Feb 2019TransDigm US$550m 7.50% senior subordinated notes due 2027BondUS$550m
15 Aug 2018RTX (Raytheon Technologies) US$11,000m senior notes (7 tranches)BondUS$11bn
25 May 2018Harris Corporation US$850m 4.400% notes due 2028BondUS$850m
18 May 2018BWX Technologies US$400m 5.375% senior notes due 2026BondUS$400m
10 May 2018General Dynamics US$7,500m senior notes (7 tranches)BondUS$7.5bn
26 Feb 2018Harris Corporation US$300m floating rate notes due 2019BondUS$300m
16 Jan 2018Thales €500m 0.75% bond due 2025Bond€500m
21 Nov 2017Kratos US$300m 6.50% senior secured notes due 2025BondUS$300m
17 Nov 2017Huntington Ingalls Industries US$600m 3.483% senior notes due 2027BondUS$600m
8 Nov 2017Textron US$350m floating rate notes due 2020BondUS$350m
2 Nov 2017Harris Corporation US$250m floating rate notes due 2020BondUS$250m
12 Oct 2017Northrop Grumman US$8,250m senior notes (5 tranches)BondUS$8.25bn
12 Sep 2017General Dynamics US$1,000m senior notes (2 tranches)BondUS$1bn
12 Sep 2017Textron US$300m 3.375% notes due 2028BondUS$300m
Jun 2017Leonardo €600m 1.50% Eurobond due 2024Bond€600m
3 May 2017RTX (Raytheon Technologies) US$4,000m senior notes (5 tranches)BondUS$4bn
20 Apr 2017Booz Allen Hamilton US$350m 5.125% senior notes due 2025BondUS$350m
30 Mar 2017Rockwell Collins US$4,650m senior notes (5 tranches)BondUS$4.65bn
28 Feb 2017Textron US$350m 3.650% notes due 2027BondUS$350m
30 Nov 2016Northrop Grumman US$750m 3.200% senior notes due 2027BondUS$750m
31 Oct 2016RTX (Raytheon Technologies) US$4,000m senior notes (5 tranches)BondUS$4bn
4 Oct 2016Babcock International £300m 1.875% bonds due 2026Bond£300m
11 Aug 2016General Dynamics US$1,000m senior notes (2 tranches)BondUS$1bn
31 May 2016Thales €600m 0.75% bond due 2023Bond€600m
7 Mar 2016Textron US$350m 4.000% notes due 2026BondUS$350m
4 Dec 2015BAE Systems US$1.5bn guaranteed notes (3 tranches)BondUS$1.5bn
17 Nov 2015Lockheed Martin US$7,000m senior notes (6 tranches)BondUS$7bn
2 Nov 2015Huntington Ingalls Industries US$600m 5.000% senior notes due 2025BondUS$600m
1 May 2015RTX (Raytheon Technologies) US$850m 4.150% senior notes due 2045BondUS$850m
24 Apr 2015L3Harris Technologies US$2,400m senior notes (5 tranches)BondUS$2.4bn
13 Feb 2015Lockheed Martin US$2,250m senior notes (3 tranches)BondUS$2.25bn
4 Feb 2015Northrop Grumman US$600m 3.850% senior notes due 2045BondUS$600m

Totals are US$ equivalents of funded deals at approximate annual average rates; programme-level and conditional commitments are listed but left out. Records come from public, primary sources. How the register is built.

Randeep Bubbra
InfraDefence Weekly

The week in defence finance, read from the filings.

Deals, terms and the clauses behind them, for the people financing primes, mid-tiers and new defence technology. By Randeep Bubbra.

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